Nissan shares slide after profit falls 70%, forecasts slashed

Shares in Japan's second largest automaker slid as much as 4.3% in early trading in Tokyo. It recovered some of those losses by mid-morning and was last down about 1.4%.

So far this year, Nissan shares have tumbled 20%.

Japan's benchmark index Nikkei 225 (N225) dropped 0.8% on Wednesday morning.

Nissan said after Tuesday's market close that its operating profit fell 70% to 30 billion yen ($275 million) for the three months that ended in September, well below the estimated 47.5 billion yen from a Refinitiv poll of analysts.

The automaker cut its sales forecast, expecting to sell 5.2 million cars for the fiscal year that ends in March 2020 — 5.4% less than what it initially anticipated. It also slashed the forecast of its full-year operating profit by 35%.

Elsewhere in the region, Hong Kong's Hang Seng Index (HSI) declined nearly 2%. The index has fallen 4% since the beginning of this week, weighed by the escalating violence in the city during protests.

South Korea's Kospi Index (KOSPI) lost 0.9%. China's Shanghai Composite Index (SHCOMP) dropped 0.5%.

US stock futures also retreated. The Dow (INDU), S&P 500 (SPX) and Nasdaq (COMP) all edged more than 0.2% lower.

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